Nagpur: The Nagpur Rural Police have made significant headway in uncovering a massive fraud exceeding Rs 10 crore, perpetrated by directors of Ecorange Green Energy Solutions Pvt Ltd. This fraudulent scheme has affected more than 200 investors from Nagpur, Amravati, Nanded, Wardha, and Madhya Pradesh since 2019.
The arrested directors have been identified as Ishwar Seshrao Bhalavi, Shailesh Shankarrao Chaudhari, and Sachin Ramchandra Yawalkar, all residents of Nagpur district.
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The company’s office, located in Bramhani near Kalmeshwar, was established in 2019 with a purported focus on solar panel installation. Their strategy involved seeking a tie-up with the government and later securing a loan from a nationalized bank. However, prior to securing the tie-up, the accused launched a fraudulent scheme and recruited numerous agents.
Under this deceptive scheme, investors were promised monthly returns ranging from 3 to 5 percent. Most investors, predominantly from Central India, were enticed by initial returns and invested their hard-earned money. However, after a brief period, the promised returns ceased, leaving investors empty-handed.
The suspicious closure of the company’s office prompted investors to initiate inquiries. Despite their efforts, the company failed to reimburse any amount to the aggrieved investors. Subsequently, investors lodged a complaint with the Kalmeshwar Police.
ASP Anil Mhaske conducted a meticulous investigation and registered the case under Sections 420 (cheating), 406 (criminal breach of trust), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using a forged document as genuine), and 34 of the Indian Penal Code, in addition to Section 138 of the Negotiable Instruments Act 1881. Furthermore, proceedings have been initiated under Section 3 of the Maharashtra Protection of Depositors Act, 1999.
ASP Mhaske appealed to other victims of this scam to come forward and report their grievances to the Kalmeshwar Police, facilitating a comprehensive investigation and legal recourse.
The diligent efforts of the Nagpur Rural Police have underscored their commitment to upholding justice and combating financial fraud, providing a sense of assurance to affected investors.
